Government of Mozambique drafts regulation to control foreign trade

The government of Mozambique is currently drafting a regulation to control foreign trade operations and preventing illegal operations in the import and export of goods, said recently in Maputo the Minister for Trade and Industry.

Minister Max Tonela, who spoke during the closing session of the ministry’s 15th Coordinating Council said the regulation will allow for access to relevant information in a timely manner, on quantity, price, origin and destination of goods imported and exported.

The decision to draw up a regulation arose as a result of work carried out in coordination with the Ministry of Economy and Finance and the Bank of Mozambique, which concluded there were weaknesses in the process of monitoring foreign trade.

“Another challenge we face has to do with the adulteration of invoices,” he said.

The minister recalled that the country has a recurring balance of trade deficit, with the accumulated value of exports between 2006 and 2016 totalling US$33 billion and of imports totalling US$57 billion.

Mozambique’s exports will continue to be based predominantly on products from large projects such as coal, natural gas from Pande/Temane, aluminium from Mozal, electricity, and heavy sands, among others, with traditional products, such as cashew nuts, fish and cotton, accounting for an increasingly smaller portion.